- Train information system is estimated to be the fastest growing segment, by system type, during the forecast period.
- Train safety system is expected to be the second fastest growing market, by system type, during the forecast period.
- Europe to be the largest railway system market.
The Global Railway System Market is estimated to grow at a CAGR of 5.2%, from $26 billion in 2019 to $35.3 billion by 2025.
Rising income levels have increased the demand for personal mobility and led to a rise in road traffic in major cities across the globe, which has increased the demand for public transportation such as metros and high-speed trains. The increasing demand for these rolling stocks will fuel the growth of the railway system market.
Major players profiled in the report are:
- CRRC (China)
- Bombardier (Canada)
- Alstom (France)
- ABB (Switzerland)
- Siemens (Germany)
- General Electric (US)
- Hyundai Rotem (South Korea)
- Mitsubishi Heavy Industries (Japan)
- Toshiba (Japan)
- Hitachi (South Korea)
A train safety system is expected to be the second-fastest-growing market, by system type, during the forecast period.
The train safety system is expected to be the second-fastest-growing segment of the railway system market during the forecast period. To achieve high levels of safety and security in rail, governments from different regions have introduced laws on improving the safety factors of railways which is driving the train safety system market.
The rapid transit segment is expected to be the largest contributor to the railway system market, by transit type, during the forecast period.
The current limitations of transport infrastructure in developed as well as developing economies have fueled the development for new and existing rail lines. Increasing traffic and growing population in urban areas have boosted the demand for ecofriendly transit options from commuters and governments. In metropolises, expansion of existing urban transit networks has generated demand for new vehicles which is fueling the demand for rapid transit. The vehicle fleet is larger in developed countries of Western Europe, while demand is expected to be higher in emerging economies such as China, Brazil, and India, where new infrastructure projects are being launched. These rapid transit vehicles are modern vehicles equipped with advanced safety and information systems. Moreover, the majority of these transit vehicles have HVAC systems as well.
- Increasing Railway Projects Across the Globe
- The Inclination of Emerging Countries Toward High-Speed Rail for Rapid Transit
- Increase in the Use of Railways for Industrial and Mining Activities
A train information system is estimated to be the fastest-growing segment, by system type, during the forecast period
The train information system market is estimated to be the fastest-growing segment. A train information system is a communication system that provides information to passengers and enables two-way communication between passengers and operators. These communication systems are used in connected rails and high-speed trains for their efficient functioning.
The growing demand for connected and high-speed trains is propelling the demand for train information systems. Moreover, the advent of autonomous trains will act as a catalyst in the growth of the train information system market in the future.
Passenger transportation, by application, is estimated to hold the largest market share during the forecast period
The major passenger transportation markets include countries such as Japan, India, China, and European countries. The increase in rapid transit systems equipped with the advanced train information system, auxiliary power units, and onboard vehicle control is driving railway system market. Moreover, to provide safety systems, the rolling stock vendors are introducing cameras, video recorders, passenger information displays, and public address system. The increase in these functions will boost the passenger transportation segment of the railway system market.
- In February 2019, ABB received its largest traction equipment order in India, worth more than $42 million to supply state-of-the-art converters for electric locomotives from Diesel Locomotive Works (DLW), Varanasi. The converters are custom designed for Indian Railways and will be manufactured at one of ABB’s largest factories for locomotive applications in Nelamangala, near Bengaluru.
- In January 2019, Wabtec and GE Transportation merged, creating a global leader for rail equipment, services, and software. Wabtec Corporation entered into a definitive agreement to combine with GE Transportation, a unit of General Electric Company. This move by the company boosted its presence in more than 50 countries.
- In October 2018, Bombardier showcased the new MOVIA C30 metro train and energy-saving MITRAC TC1500 propulsion solution at the Persontrafik exhibition in Stockholm.